Buy-to-let
The latest UK housing market survey revealed that prices in June rose at their fastest rate in over six years.
RICS said that the gap between prices in London and the rest of England and Wales was the highest it has ever seen, widening the north-south divide.
Ian Perry, RICS housing spokesperson, said: Evidence suggests that the property market is once again seeing a north/south divide. A strong financial services sector has transformed London into a property rich city state.
Economic divisions used to be characterised by unemployment and economic decline but are now characterised by the difference in house prices. London has become a property kingdom created by finance.
The amount of new property coming on to the market showed a slight drop in June, the first month that vendor instructions have not risen since last October.
The fall of instructions has contributed to a renewed fall back in available properties, indicating a tightening of the market and rising consumer confidence in the economic climate.
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